ICBC Insurance Costs? (1 Viewer)

[osocountry]

Just curious as to how much Canadians are paying for their ICBC insurance?

I drive a HDJ81 series 1992 with 197,000kms on it and zero accidents, sitting with the highest no claims bonus rating yet still pay $117 per month premium = $1403 per year for $3,000,000 liability!

 

[Roadhouse78]

My 1997 F250 Powerstoke diesel 4x4 is about 100.00 a month with 3 million liability and the lowest discount of 43%. That's about the going rate for all my vehicles.

Ryan

 

[ikeedikeed]

I also have the highest discount possible. I'd have to check but I think I'm closer to $1200 per year, but mine's registered in Squamish which might be a bit "safer" than N Van.

ICBC's rate structure is a black box, which makes so sense as they're a legislated monopoly. It's not like they have to maintain competitive advantage. They don't have any competitors!

Even the resellers have no idea what will happen to your rates until they plug all the variables into their computers and the they're run through ICBC's servers.

 

[IanB]

I also have the highest discount possible. I'd have to check but I think I'm closer to $1200 per year, but mine's registered in Squamish which might be a bit "safer" than N Van.

ICBC's rate structure is a black box, which makes so sense as they're a legislated monopoly. It's not like they have to maintain competitive advantage. They don't have any competitors!

Even the resellers have no idea what will happen to your rates until they plug all the variables into their computers and the they're run through ICBC's servers.

You don't need to get all your coverage through ICBC though, at least you have the option of using private for your comp/collision coverages. In MB we are fully stuck with MPI.

 

[Roadhouse78]

ICBC is completely ridiculous. They make 100 million a year profit as part of the provincial government. WHICH MEANS THEY ARE CHARGING TOO MUCH....

 

[86tuning]

meh who cares about insurance costs, when it's only the price of a tank of gas for a month's insurance?

It's the $1.43/L that's killin me.

 

[bruff]

Just renewed mine for about $1200 for the year with maximum reductions/$3,000,000 liability so yours appears in the ballpark. And yes, we are getting screwed by a corporation that essentially is a government monopoly that raises rates despite making a profit . . . and gives some of their employees bonuses!

 

[mr jits]

I wish all the idiots here in the states would read this and realize government has no business doing what the private sector obviously does better.

 

[PoorHouse]

Is $3mil the minimum liability you can carry up there?

$100 month doesn't sound to high for that much coverage.

 

[pgmatt]

I would rather have ICBC then private. I Pay $1200 3million liability at 43% discount.

 

[86tuning]

Is $3mil the minimum liability you can carry up there?

$100 month doesn't sound to high for that much coverage.

Afaik the min is $1m but everyone buys a bit more. $3m is the most popular step up.

$110/mo is with the maximum 43% discount for good (read: no claims in 4 years) drivers. In non-metro areas the insurance is prolly a bit cheaper.

 

[IanB]

I would rather have ICBC then private. I Pay $1200 3million liability at 43% discount.

Why in the world would you rather not have a choice?!?

 

[lowbanks]

I wish I had the great rates you had in BC. The insurance companies in Ontario are screwing everyone.
I've shopped around , perfect driving record, no claims, each company is quoting similiar rates. Seems like the past 5 years, all the companies are raising their rates and their profits.
I would bet that BC is paying the least in all of Canada.

 

[mandinga]

Sounds like you boys to the north are getting hosed.